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Giving notice on savings accounts

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Giving notice on savings accounts

edited 30 November -1 at 1:00AM in Savings & Investments
3 replies 1.7K views
nikkiklnikkikl Forumite
60 posts
edited 30 November -1 at 1:00AM in Savings & Investments
Just a thought here. When I worked for one of the big 4 banks, there was a 60 day notice high interest savings account - they use the term 'high interest' loosely here. If you were staff or a graduate, the notice period was waived and you effectively had a high interest savings account with no notice which would have been brilliant had the interest been any good but still, it was marginally better than a poke in the eye. However, if you had a nice wad of cash to invest and asked nicely, the 60 period could be waived for 'ordinary' customers too. Now if this particular bank could do that (and they aren't noted for their flexibility on such things) then maybe when you find that savings account with a good rate of interest (but with that annoying notice period) it is worth asking them to waive the notice period, or perhaps hinting at taking your savings elsewhere might do the trick.
Just a thought ;)
I'm only smiling coz I don't know what's going on

Replies

  • SoolerSooler Forumite
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    If you have say a 60 day notice account can you give notice everyday but not withdraw the money if you don't need it - thereby achieving 1 day access - as when you do need the money you've already given 60 days notice.
  • Kazza242Kazza242 Forumite
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    I can't see why anyone would opt for a notice account these days, as the interest rates offered are no longer higher than the rates offered for no notice accounts. In fact, many no notice accounts have better rates of interest than notice accounts.

    Notice accounts used to offer the best interest rates but this in no longer the case. I don't have any notice accounts, as I like to be able to move my money around, should an account become uncompetitive.
    Please call me 'Kazza'.
  • I have a notice account which pays 5.5% (does include a bonus for 1 year). At one year - notice period I'll move it, until then I think it's a pretty good rate. :)
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